An Act to provide for a comprehensive mechanism to ban the unregulated deposit schemes, other than deposits taken in the ordinary course of business, and to protect the interest of depositors and for matters connected therewith or incidental thereto.
The Banning of Unregulated Deposit Schemes Bill, 2019 was introduced in Lok Sabha by the Minister of Finance, Ms. Nirmala Sitharaman, on July 19, 2019. The Bill provides for a mechanism to ban unregulated deposit schemes and protect the interests of depositors.Source
‘Regulated Deposit Scheme’ means the Schemes specified under column (3) of the First Schedule to Banning of Unregulated Deposit Schemes Act, 2019 – Section 2(14) of Banning of Unregulated Deposit Schemes Act, 2019
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